Democratic Reps. Melissa Bean and Jesse Jackson Jr. both hit the airwaves today, adding their two cents to the ongoing conversation about a proposed Wall Street
bailout. While the pair cast diametrical votes on the House floor yesterday --
Bean supported the plan, Jackson rejected it -- they each say they're
looking for the same thing in an economic recovery package: A good deal
for the average American.
But clearly, the "average Joe" isn't the same guy in Illinois' 2nd and 8th congressional districts.
In the South Side neighborhoods and suburbs that Jackson represents, people are facing some of the highest foreclosure rates in the state. Incomes have remained virtually flat. And poverty rates are on the rise.
During an interview today on WIND's John & Cisco In The Morning, Jackson said he'd support a plan that eliminates the adjustable-rate mortgages that have fueled the foreclosure crisis. And he wants to see an economic stimulus component for taxpayers. Listen:
Meanwhile, on MSNBC this afternoon, Bean made clear that her top priority is stabilizing the market in order to protect 401(k)s and credit card accounts. Watch:
Comments
Jeff Wegerson (not verified) on Thu, 10/02/2008 - 07:37
So no one is defaulting in Bean's district? No one in Jackson's has a 401k? I'm sorry but the slant of this article is not progressive.
Josh Kalven on Thu, 10/02/2008 - 08:51
Jeff,
The post doesn't assert that many 8th District residents aren't also struggling. It simply points out that there's a foreclosure epidemic in Jackson's district, which appears to have informed his vote. The report we link to in the item shows that the foreclosure rate in South Cook County in 2007 was 36 percent, while the corresponding rate in McHenry and Lake counties was about 13 percent. So it's no surprise that rescuing homeowners is Jackson's top priority.
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